BuzzFedd Sells Complex to NTWRK For a Cool $108.6 Million...Cash
In a strategic move, BuzzFeed has sold Complex, its youth-culture media asset, and initiated a 16% reduction in its workforce to streamline operations. The sale, finalized for $108.6 million in cash to e-commerce platform Ntwrk, aims to bolster BuzzFeed's financial standing. Notable investors include Universal Music Group, Jimmy Iovine, and Goldman Sachs. The sale marks a shift in BuzzFeed's strategy towards maximizing revenue from its core brands like BuzzFeed, First We Feast, HuffPost, and Tasty. Led by Ntwrk's Aaron Levant, the merged entity seeks to redefine convergence culture with a focus on content-commerce synergy. Despite challenges in the digital advertising market, BuzzFeed remains resilient and committed to innovation. Of course there is a video.
by Maurice Pendarvis •